Breaking Finance News

BREAKING- Zeltiq Aesthetics Halted for News Pending (ZLTQ)

UPDATE: Stock to resume trading at 1:45 p.m. EDT.

UPDATE: The company is announcing that it has been told by one of its stockholders, Frazier Healthcare, that Frazier is distributing 3 million shares of Zeltiq common stock to limited partners of Frazier, effective August 8.

 

Shares of Zeltiq Aesthetics (NASDAQ: ZLTQ) have been halted for news pending.

The stock is down nearly 10 percent Thursday trading 351,000 shares versus the average of 97,000. The stock is up more than 100 percent in the past six months with most of the move coming on August 1st after reporting positive earnings. There is no verifiable news to explain the move lower.

Previous Coverage: Why Zeltiq is up 31 Percent Thursday (August 1st Aricle)

Looking at the chart, the stock has remained above its 50 day moving average since May but after an outsized moved above the 50 day, it slowly returned to the mean until August 1st when it was up more than 30 percent on earnings. The stock has since retreated filling about half of the gap. The 50 day currently sits at $6.18 with its 52 week high at $9.00

ZELTIQ Aesthetics, Inc., a $266.73 million medical technology company, engages in developing and commercializing non-invasive products for the selective reduction of fat. The company offers CoolSculpting System, which utilizes proprietary controlled-cooling technology to selectively reduce stubborn fat bulges that may not respond to diet or exercise. It sells its products through a network of distributors, as well as direct sales force to dermatologists, plastic surgeons, and aesthetic specialists in the United States, Canada, the Asia-Pacific, Europe, the Middle East, Africa, and South America.

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[stock-tools exchange="NASDAQ" symbol="ZLTQ" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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